<div style="display:none;" id="kalturavideoplaceholder">kalturavideoplaceholder</div><p>During our trip to the <a href="https://www.facebook.com/theplayboymansion" target="_blank">Playboy Mansion</a> in Los Angeles, we sat down with <a href="https://twitter.com/cooperhefner" target="_blank">Cooper Hefner</a>, who has been tapped by the company his father founded to act as a brand ambassador. Cooper <a href="http://www.businessinsider.com/playboy-mansion-tour-hugh-hefner-playmates-2014-11" target="_blank">grew up</a> in the Playboy Mansion and was exposed to the world of Playmates from an early age. <br><br>We were surprised to find out that he has a perspective on monogamy and relationships that couldn't be further from that of his dad, who famously enjoyed multiple girlfriends at the same time.<br><br><em>Produced by <a href="http://www.businessinsider.com/author/graham-flanagan" target="_blank">Graham Flanagan</a><br /></em><br><strong>Follow BI Video: </strong><a href="https://www.facebook.com/BusinessInsider.Video?fref=nf" target="_blank">On Facebook</a><em><br /></em></br></br></br></br></br></p>

Hugh Hefner's Son Thinks His Dad Is Totally Wrong About Women

<div style="display:none;" id="kalturavideoplaceholder">kalturavideoplaceholder</div><p>While most people associate the <a href="https://www.facebook.com/theplayboymansion" target="_blank">Playboy Mansion</a> with scantily clad playmates and sex-fueled debauchery, it actually served as the childhood home for Hugh Hefner's sons. <br><br>Now 23, Hefner's youngest son, <a href="https://twitter.com/cooperhefner" target="_blank">Cooper</a>, recounts his childhood spent in what many consider to be a sort of adult fantasyland. For Cooper, it was quite the opposite: a child's wonderland fueled by Indiana Jones-inspired adventures in the Grotto, a zoo full of exotic animals and epic games of hide-and-seek played in the mansion's private forest of Redwood trees. <br><br>Cooper shared his experiences growing up inside the mansion, and invited Business Insider along on a private tour of the grounds.<br><br><em>Produced by <a href="http://www.businessinsider.com/author/graham-flanagan" target="_blank">Graham Flanagan</a>. Additional Camera by <a href="http://www.businessinsider.com/author/ryan-larkin" target="_blank">Ryan Larkin</a>.</em><br><br><strong>Follow BI Video:</strong> <a href="https://www.facebook.com/BusinessInsider.Video?ref=br_tf" target="_blank">On Facebook</a></br></br></br></br></br></br></br></br></p>

Hugh Hefner's Son Reveals What It Was Like Growing Up In The Playboy Mansion

<div style="display:none;" id="kalturavideoplaceholder">kalturavideoplaceholder</div><p>When you're the son of <a href="playboy.com" target="_blank">Playboy</a> founder Hugh Hefner, you undoubtedly inherit a unique view of what life is all about. We caught up with Hefner's 23-year-old son <a href="https://twitter.com/cooperhefner" target="_blank">Cooper</a>, a recent graduate of Chapman University's film school.<br><br>Cooper serves as a brand ambassador for the company his father founded in 1953. He acts as the "face" of the company at official events, but his main responsibility is strategizing to sustain the brand's relevance with Millennials. <br><br>We sat down with Hefner at the infamous Playboy Mansion in Los Angeles and asked him about the best business and life advice he's gotten from his famous father. <br><br><em>Produced by <a href="http://www.businessinsider.com/author/graham-flanagan" target="_blank">Graham Flanagan</a>. Additional camera by <a href="http://www.businessinsider.com/author/ryan-larkin" target="_blank">Ryan Larkin</a>.</em> <br><br><strong>Follow BI Video: On <a href="https://twitter.com/bi_video" target="_blank">Twitter</a></strong></br></br></br></br></br></br></br></br></p>

The Most Important Thing I Learned About Business From Hugh Hefner

<div id="ooyalaplayer" style="width: 800px; height: 450px;"></div><div style="display:none;" id="kalturavideoplaceholder">kalturavideoplaceholder</div><div><div><script src="https://apis.google.com/js/platform.js"></script><div class="g-ytsubscribe" data-channel="BusinessInsider" data-layout="full" data-count="default"></div></div></div><p class="embed-spacer"></p><p>Hugh Hefner's 24-year-old son Cooper stopped by Business Insider for an exclusive interview during which he talked candidly about his displeasure with Playboy's leadership. He does not agree with the recent decision to <a href="http://www.businessinsider.com/playboy-magazine-will-no-longer-feature-nude-women-in-its-print-edition-2015-10" target="_blank">eliminate</a> pictures of fully nude women from the magazine, nor the decision to put the famous <a href="http://www.businessinsider.com/playboy-mansion-tour-hugh-hefner-playmates-2014-11" target="_blank">Playboy Mansion</a>&#xa0;<a href="http://www.businessinsider.com/playboy-mansion-for-sale-at-200-million-2016-1">on the market for $200 million</a>.<br><br>Once a regular attendee at the company's board meetings, Cooper's working relationship with the brand has diminished since what he describes as a "difference in vision" between he and the company's CEO Scott Flanders.&#xa0;<br><br>Cooper is Chief Creative Officer of <a href="hop.media" target="_blank">Hop</a>, which is a content-focused media brand geared toward Millennials.&#xa0;<br><br>Playboy Enterprises declined to comment for this story.<br>&#xa0;<br><em>Produced by <a href="http://www.businessinsider.com/author/graham-flanagan" target="_blank">Graham Flanagan</a><br><br /></br></em><strong>Follow BI Video:</strong> <a href="https://www.facebook.com/BusinessInsider.Video?fref=ts" target="_blank">On Facebook</a></br></br></br></br></br></br></br></br></p>

EXCLUSIVE: Hugh Hefner's son speaks out against Playboy's decisions to go non-nude and sell the Mansion

<div style="display:none;" id="kalturavideoplaceholder">kalturavideoplaceholder</div><p>More than 60 years after it was founded by Hugh Hefner, Playboy is working hard to remain successful and relevant by focusing on a key demographic: millennials. One key to this strategy is <a href="https://twitter.com/cooperhefner" target="_blank">Cooper Hefner</a>, the 23-year-old son of the company's founder.<br><br>Playboy Enterprises CEO <a href="http://www.playboyenterprises.com/about/leadership/#sflanders" target="_blank">Scott Flanders</a> tapped Cooper to act as a brand ambassador for the company in the United States and abroad. We talked to Flanders and Hefner, both of whom pointed to one key aspect of the aforementioned shift: a re-examination of what a Playboy Playmate should look like.<br><br><em>Produced by <a href="http://www.businessinsider.com/author/graham-flanagan" target="_blank">Graham Flanagan</a>. Additional camera by <a href="http://www.businessinsider.com/author/ryan-larkin" target="_blank">Ryan Larkin</a>.</em><br><br><strong>Follow BI Video: </strong><a href="https://www.facebook.com/BusinessInsider.Video?ref=br_tf" target="_blank">On Facebook</a></br></br></br></br></br></br></p>

Hugh Hefner's 23-Year-Old Son Has A Plan To Redefine The Playmate

<ul class="summary-list"><li><keyword id="3317931" type="PERSON" weightage="60" keywordseo="Devon-Murray">Devon Murray</keyword>, who played Seamus Finnigan in "<keyword id="6357995" type="UNKNOWN" weightage="60" keywordseo="Harry-Potter">Harry Potter</keyword>," announced that he is expecting his first child with girlfriend Shannon McCaffrey.</li><li>Murray posted a photo of a <keyword id="6358733" type="UNKNOWN" weightage="60" keywordseo="Baby">baby</keyword>'s onesie on <a href="https://www.instagram.com/p/CCWhwfWAgl9/?utm_source=ig_web_copy_link">Instagram</a>, writing: "Baby Murray - 14th of January 2021."</li><li>His former Potter costars congratulated him, including <keyword id="481818" type="PERSON" weightage="60" keywordseo="Evanna-Lynch">Evanna Lynch</keyword> (Luna Lovegood), Scarlett Hefner (Pansy Parkinson), and <keyword id="1341226" type="PERSON" weightage="60" keywordseo="James-Phelps">James Phelps</keyword> (Fred Weasley).</li><li>Murray, who replied to almost everyone congratulating him, posted a message to his Instagram Story: "Thank you all so much for your kind messages. We're both over the moon and excited about meeting him/her."</li><li>Earlier in the year, fellow Potter alumni <a href="https://www.insider.com/rupert-grint-georgia-groome-first-baby-birth-girl-daughter-2020-5">Rupert Grint welcomed his first child</a> with girlfriend Georgia Groome.</li></ul><p>Devon Murray, the actor who played Seamus Finnigan in "Harry Potter," is expecting his first child with girlfriend Shannon McCaffrey.</p><p>Murray shared the news on Instagram, posting a photo of a baby's onesie with the expected due date: "Baby Murray - 14th of January 2021."</p><blockquote class="instagram-media" data-instgrm-captioned="" style="background:#FFF; border:0; border-radius:3px; box-shadow:0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width:540; padding:0; width:99.375%; width:-webkit-calc(100% - 2px); width:calc(100% - 2px); data.width~540;"><div style="padding:8px;"><div style="background:#F8F8F8; line-height:0; margin-top:40px; padding:62.4537037037% 0; text-align:center; width:100%;"><div style="background:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACwAAAAsCAMAAAApWqozAAAABGdBTUEAALGPC/xhBQAAAAFzUkdCAK7OHOkAAAAMUExURczMzPf399fX1+bm5mzY9AMAAADiSURBVDjLvZXbEsMgCES5/P8/t9FuRVCRmU73JWlzosgSIIZURCjo/ad+EQJJB4Hv8BFt+IDpQoCx1wjOSBFhh2XssxEIYn3ulI/6MNReE07UIWJEv8UEOWDS88LY97kqyTliJKKtuYBbruAyVh5wOHiXmpi5we58Ek028czwyuQdLKPG1Bkb4NnM+VeAnfHqn1k4+GPT6uGQcvu2h2OVuIf/gWUFyy8OWEpdyZSa3aVCqpVoVvzZZ2VTnn2wU8qzVjDDetO90GSy9mVLqtgYSy231MxrY6I2gGqjrTY0L8fxCxfCBbhWrsYYAAAAAElFTkSuQmCC); display:block; height:44px; margin:0 auto -44px; position:relative; top:-22px; width:44px;"></div></div><p style="margin:8px 0 0 0; padding:0 4px;"><a href="https://www.instagram.com/p/CCWhwfWAgl9" style=" color:#000; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:normal; line-height:17px; text-decoration:none; word-wrap:break-word;" target="_blank">Baby Murray - 14th of January 2021</a></p> <p style=" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; line-height:17px; margin-bottom:0; margin-top:8px; overflow:hidden; padding:8px 0 7px; text-align:center; text-overflow:ellipsis; white-space:nowrap;">A post shared by  Devon Murray (@devonmurrayofficial) on Jul 7, 2020 at 12:06pm PDT<time style=" font-family:Arial,sans-serif; font-size:14px; line-height:17px;" datetime="2020-07-07T19:06:32+00:00">Jul 7, 2020 at 12:06pm PDT</time></p></div></blockquote><p>Murray was greeted with plenty of congratulatory comments on his Instagram, including one from fellow "Harry Potter" alumni Evanna Lynch (Luna Lovegood), who wrote: "Awwww congratulations Dev!! So happy for you! You're going to be such a fun dad!" </p><p>Murray, who replied to almost everyone who sent him their congratulations on the post, wrote back: "Thank you Evy. I've never been as excited in my life. That's so nice of you to say, I'm going to try be as good as I can."</p><p>Pansy Parkinson actress Scarlett Hefner, who is expecting her own child, also commented: "Congratulations Dev!! So exciting," to which Murray wrote back: "Thanks Scarlett, I hope you're keeping well. How long have you and Cooper got to wait? It's crazy exciting times."</p><p>James Phelps, who played Fred Weasley, also commented: "Great news mate. Huge Congratulations." Murray thanked Phelps and wrote: "I still can't believe I'm going to be a daddy."</p><p>Meanwhile, "Game of Thrones" actor Daniel Portman, who played Podrick Payne in the HBO show, also commented his congratulations, and included a name suggestion, too: "Congratulations big man, great news. I recommend Daniel."</p><p>Murray posted an Instagram Story with a message reading: "Thank you all so much for your kind messages. We're both over the moon and excited about meeting him/her."</p><blockquote class="instagram-media" data-instgrm-captioned="" style="background:#FFF; border:0; border-radius:3px; box-shadow:0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width:540; padding:0; width:99.375%; width:-webkit-calc(100% - 2px); width:calc(100% - 2px); data.width~540;"><div style="padding:8px;"><div style="background:#F8F8F8; line-height:0; margin-top:40px; padding:62.4537037037% 0; text-align:center; width:100%;"><div style="background:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACwAAAAsCAMAAAApWqozAAAABGdBTUEAALGPC/xhBQAAAAFzUkdCAK7OHOkAAAAMUExURczMzPf399fX1+bm5mzY9AMAAADiSURBVDjLvZXbEsMgCES5/P8/t9FuRVCRmU73JWlzosgSIIZURCjo/ad+EQJJB4Hv8BFt+IDpQoCx1wjOSBFhh2XssxEIYn3ulI/6MNReE07UIWJEv8UEOWDS88LY97kqyTliJKKtuYBbruAyVh5wOHiXmpi5we58Ek028czwyuQdLKPG1Bkb4NnM+VeAnfHqn1k4+GPT6uGQcvu2h2OVuIf/gWUFyy8OWEpdyZSa3aVCqpVoVvzZZ2VTnn2wU8qzVjDDetO90GSy9mVLqtgYSy231MxrY6I2gGqjrTY0L8fxCxfCBbhWrsYYAAAAAElFTkSuQmCC); display:block; height:44px; margin:0 auto -44px; position:relative; top:-22px; width:44px;"></div></div><p style="margin:8px 0 0 0; padding:0 4px;"><a href="https://www.instagram.com/p/Bz-Sq0dCZbq" style=" color:#000; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:normal; line-height:17px; text-decoration:none; word-wrap:break-word;" target="_blank">Happy Birthday to the best girlfriend ever. I can’t wait to go on more life adventures with you @smccaffreyquinn I hope you have a great day. Love you ❤️</a></p> <p style=" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; line-height:17px; margin-bottom:0; margin-top:8px; overflow:hidden; padding:8px 0 7px; text-align:center; text-overflow:ellipsis; white-space:nowrap;">A post shared by  Devon Murray (@devonmurrayofficial) on Jul 16, 2019 at 2:53am PDT<time style=" font-family:Arial,sans-serif; font-size:14px; line-height:17px;" datetime="2019-07-16T09:53:23+00:00">Jul 16, 2019 at 2:53am PDT</time></p></div></blockquote><p>Earlier in the year, fellow Potter alumni and Gryffindor student, Rupert Grint (Ron Weasley) <a href="https://www.insider.com/rupert-grint-georgia-groome-first-baby-birth-girl-daughter-2020-5">welcomed a baby girl</a> with his girlfriend Georgia Groome. Of the news, <a href="https://www.insider.com/daniel-radcliffe-texted-rupert-grint-congratulate-baby-girl-video-2020-5">Daniel Radcliffe told Bravo's "Watch What Happens Live:" </a>"I'm so happy for him. It's very, very cool."</p><p>"It's also, like, super weird for me to think that we are all at the age where we are having children but we definitely are." </p><p><strong>Read more:</strong></p><p><a href="https://www.insider.com/harry-potter-movies-details-you-might-have-missed-2020-6">27 details you might have missed in the 'Harry Potter' movies</a></p><p><a href="https://www.insider.com/photos-harry-potter-movie-cast-then-and-now">THEN AND NOW: The cast of the 'Harry Potter' films 19 years later</a></p><p><a href="https://www.insider.com/daniel-radcliffe-texted-rupert-grint-congratulate-baby-girl-video-2020-5">Daniel Radcliffe says he texted Rupert Grint to congratulate him on becoming a father</a></p>

The actor who played Seamus Finnigan in 'Harry Potter' is expecting his first child

<p><span style="line-height: 1.5em;"><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Screen grab" title_caption="A screen grab from a blueprint found by Playboy editorial staff." class="zoomin" href="https://static-ssl.businessinsider.com/image/551b4ad66bb3f72e1953d8cc-960/one more screengrab.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span><img src="https://static-ssl.businessinsider.com/image/551b4ad66bb3f72e1953d8cc-1200-800/one more screengrab.png" border="0" alt="one more screengrab" /></a><p class="source"><span>Screen grab</span></p><p class="caption">A screen grab from a blueprint found by Playboy editorial staff.</p></div><p></p></div></div>Earlier this week </span><span style="line-height: 1.5em;"></span><a href="http://www.playboy.com/articles/tunnels-to-celebrity-homes-playboy-mansion" target="_blank">Playboy published</a><span style="line-height: 1.5em;"> vintage photos of an excavation project along with a blueprint showing a series of tunnels connecting the infamous residence with various celebrity homes in the surrounding area.</span></p><p><span style="line-height: 1.5em;">According to the article, </span><span style="line-height: 1.5em;">when asked about the photos of the construction site the new Playboy Mansion general manager reportedly said, "</span><span style="line-height: 1.5em;">that's probably when they built the tunnels in the 70s." </span></p><p><span style="line-height: 1.5em;"><span style="line-height: 1.5em;"><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Screen grab" title_caption="A screen grab from a blueprint found by Playboy editorial staff." class="zoomin" href="https://static-ssl.businessinsider.com/image/551b40856da8112c2584d431-960/tunnels playboy.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span><img src="https://static-ssl.businessinsider.com/image/551b40856da8112c2584d431-1080-500/tunnels playboy.png" border="0" alt="tunnels playboy" /></a><p class="source"><span>Screen grab</span></p><p class="caption">A screen grab from a blueprint found by Playboy editorial staff.</p></div><p></p></div></div></span></span></p><p><span style="line-height: 1.5em;"><span style="line-height: 1.5em;">A closer look at the blueprint shows that there were plans to dig tunnels to the the homes of "Mr J. Nicholson," "Mr W. Beatty," "Mr K. Douglas," and "Mr J. Caan."</span></span></p><div class="thirdPar"><p><div class="KonaFilter image-container display-table float_right"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/551b3d546da8111a1a84d430-840-496/playboy tunnel.png" border="0" alt="playboy tunnel"><p class="source"><span>Screen grab</span></p><p class="caption">Screen grab of a Polaroid picture of a construction site at the Playboy Mansion.</p></img></div><p></p></div></div>"We'll go ahead and assume they're talking about Jack Nicholson, Warren Beatty, Kirk Douglas and James Caan - all of whom lived near the Playboy Mansion during the late 1970s and early 1980s," <a href="http://www.playboy.com/articles/tunnels-to-celebrity-homes-playboy-mansion" target="_blank">Playboy reported</a>.</p><div class="thirdPar"><p><span>According to the article, the partial tunnels were closed up in 1989 when Hugh Hefner married then-Playmate Kimberley Conrad.</span></p></div><p>Playboy reached out to the publicity representatives<span> for Nicholson, Caan, Douglas, and Beatty, and has yet to receive a comment.</span></p><h3><span>Here's a closer look at the blueprints:</span></h3><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Screen grab/Amanda Macias/Business Insider" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/551b446cecad04a243f7348e-960/skitch-8.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span><img src="https://static-ssl.businessinsider.com/image/551b446cecad04a243f7348e-980-659/skitch-8.png" border="0" alt="skitch playboy mansion blueprint" /></a><p class="source"><span>Screen grab/Amanda Macias/Business Insider</span></p></div><p></p></div></div></p><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Screen grab/Amanda Macias/Business Insider" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/551b45c8ecad04e449f7348e-960/beatty skitch.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span><img src="https://static-ssl.businessinsider.com/image/551b45c8ecad04e449f7348e-840-501/beatty skitch.png" border="0" alt="beatty skitch playboy" /></a><p class="source"><span>Screen grab/Amanda Macias/Business Insider</span></p></div><p></p></div></div></p><p>And here's a recent look at the Playboy Mansion:</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/551bcdfd6da811c973b35c03-1200-858/rtr3pduu.jpg" border="0" alt="playboy mansion"><p class="source"><span>REUTERS/Kevork Djansezian</span></p><p class="caption">Kennedy Summers, 27, the 2014 Playboy Playmate of the Year, poses next to a Mini John Cooper Works Roadster at the Playboy Mansion in Los Angeles, California May 15, 2014.</p></img></div><p></p></div></div></p></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/cooper-hefner-tours-playboy-mansion-son-playmate-2015-3">We went on a tour of the Playboy Mansion with Hugh Hefner's son - and it was not what we expected</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="RsZWVlcTrzFjfbCRyBxcxcI8zaEt3dyB" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'RsZWVlcTrzFjfbCRyBxcxcI8zaEt3dyB',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

Playboy had plans to build secret tunnels to nearby celebrity homes

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/576d413f52bcd026008cb810-1820/9411692609_d1be15b189_o.jpg" alt="British Airways Airbus A380-800" data-mce-source="Flickr/airwolfhound" data-link="http://www.flickr.com/photos/24874528@N04/9411692609/in/photolist-fkFoje-fkVr2U-6wiFV1-6wiFQC-6wiG4W-6wevsp-6wevbB-fmKDUh-ndBu2s-fmvrN6-fmKC4q-fmvsbi-fmvss6-fmKDfQ-fmvteV-fmKD4J-pupTRD-gJkGKx-psEkTs-fSVRYH-fmvtEz-fmvrYP-gNmGEA-fnyRKn-fnP6HE-fnP6LN-fSwZ9D-fSy3vb-fSy3Js-fmKBRE-7RGoG5-gJmyH6-gJkLnx-gJkN9j-gJmAb6-gJkCn3-gJkMc8-fBqMSK-gJkHLF-gJkAx1-fdwWaC-gJmDVa-gJkLLZ-gJkRyL-gJkMKT-gJkFYS-fHTW1V-nw213c-gJkQrK-gJkH4h" /><p class="source"><span><a href="http://www.flickr.com/photos/24874528@N04/9411692609/in/photolist-fkFoje-fkVr2U-6wiFV1-6wiFQC-6wiG4W-6wevsp-6wevbB-fmKDUh-ndBu2s-fmvrN6-fmKC4q-fmvsbi-fmvss6-fmKDfQ-fmvteV-fmKD4J-pupTRD-gJkGKx-psEkTs-fSVRYH-fmvtEz-fmvrYP-gNmGEA-fnyRKn-fnP6HE-fnP6LN-fSwZ9D-fSy3vb-fSy3Js-fmKBRE-7RGoG5-gJmyH6-gJkLnx-gJkN9j-gJmAb6-gJkCn3-gJkMc8-fBqMSK-gJkHLF-gJkAx1-fdwWaC-gJmDVa-gJkLLZ-gJkRyL-gJkMKT-gJkFYS-fHTW1V-nw213c-gJkQrK-gJkH4h">Flickr/airwolfhound</a></span></p></div><p></p></div></div>Shares of British Airways' parent company International Airlines Group are getting pummeled following Britain's decision to leave the European Union.</p><p>In London, IAG stock is down more than 20% while shares of the company trading in Madrid are down 25%. </p><p>However, the Brexit may pose an even greater and more complicated issue for IAG.</p><p>Even though IAG's operating headquarters is in London, the company is actually registered in Spain. </p><p>This is arrangment that worked well for the company that formed following the 2011 merger of British Airways and Spain's national airline Ibera. </p><p>But with Britain's decision to detach itself from the EU, IAG could be left in a precarious state should the incoming nationalistic UK government impose foreign ownership restrictions on British airlines. </p><p>Foreign ownership restrictions for airlines are customary around the world. For instance, the US limits foreign ownership to 25% while the EU's cap is at 49%. Since British Airways is now 100% owned by an EU (foreign) company, IAG may be put in a position where it will have to divest it's holdings .</p><p>Oddly enough, IAG was very fortunate that it decided to register in Spain instead of the UK. Had the company registered in Britain, it would immediately subject to non-EU ownership restrictions. In addition to BA and Iberia, IAG also own Irish national airline Aer Lingus as well as Spanish low-cost carrier Vueling. </p><p>In a statement to Business Insider, IAG's CFO <span>Enrique Dupuy de Lome attempted to allay investors' fears over the future of his company.</span></p><p style="padding-left: 30px;"><span><span>"INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A. (IAG) believes that the vote to leave the European Union will not have a long term material impact on its business. In the short term, however, in the run up to the UK referendum during June, IAG experienced a weaker than expected trading environment. Following the outcome of the referendum, and given current market volatility, while IAG continues to expect a significant increase in operating profit this year, it no longer expects to generate an absolute operating profit increase similar to 2015."</span></span></p><p><span><span>IAG has yet to make any mention of possible foreign ownership restrictions. </span></span></p><p><span><span>According to Airways News senior business analyst Vinay Bhaskara, IAG's ownership stake in British Airways could be a problem, but it depends on how much close economic cooperation the UK is willing to engage in with Europe.</span></span></p><p>Even if IAG isn't forced to cut back on its British Airways ownership stake, the company still faces some significant headwinds.</p><p>Although IAG reported a 14.1% traffic increase in May, the company indicated that business had been slower than expected during the run up to Thursday's referendum. </p><p><em>*The original version of the story mistated the date of IAG's formation. The story has been changed to reflect the correct date which is 2011. </em></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/hugh-hefner-son-cooper-playboy-mansion-sale-2016-6">Hugh Hefner's son reacts to the sale of the Playboy Mansion</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="A3aWwwNDE6JhQ99gtsV_5KWDFsTjBJld" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'A3aWwwNDE6JhQ99gtsV_5KWDFsTjBJld',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

The Brexit could cause major complications for British Airways

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/57679a76dd0895b0568b48ea-2000/beer mat2.jpg" alt="beer mat2" data-mce-source="JD Wetherspoon" /><p class="source"><span>JD Wetherspoon</span></p><p class="caption">500,000 have been printed for Wetherspoon's 920 pubs.</p></div><p></p></div></div>JD Wetherspoon is launching a second anti-European Union beer mat ahead of Thursday's referendum on Britain's membership of the 28-nation bloc.</p><p>The pub chain is printing 500,000 beer mats to be stocked in its 920 pubs across the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>. The beer mats carry a message addressed to Chancellor George Osborne attacking "cronyism."</p><p>Here's the full text of the message:</p><p style="padding-left: 30px;">CRONYISM IS BAD FOR BRITAIN - a few questions for George Osborne.</p><p style="padding-left: 30px;">Dear Mr Osborne,</p><p style="padding-left: 30px;">You say that you won the economic argument. Many strongly disagree.</p><p style="padding-left: 30px;">Democracy leads to prosperity and freedom - and the EU is increasingly undemocratic, with awful results in Greece, Spain and Portugal and 15 years' stagnation in Italy.</p><p style="padding-left: 30px;">Our European friends are being dragged down by Brussels' bureaucracy.</p><p style="padding-left: 30px;">I think that you are relying too much on cronies, whose organisations did not predict the last downturn and who don't realise what they don't know.</p><p style="padding-left: 30px;">You rely on the International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development (OECD), HM Treasury and the Bank of England to support the 'Remain' case, yet:</p><p style="padding-left: 30px;">1. You officially nominated your friend (in January) Christine Lagarde, as head of the IMF.</p><p style="padding-left: 30px;">2. The OECD is funded by the EU, and you are a friend of its head - Jose Angel Gurria.</p><p style="padding-left: 30px;">3. You, George Osborne, are the boss of HM Treasury.</p><p style="padding-left: 30px;">4. You employed Mark Carney, Governor of the Bank of England.</p><p style="padding-left: 30px;">Does the nation not deserve more independent advice?</p><p>Wetherspoon founder Tim Martin says in a press release accompanying the launch: "Mr Cameron and Mr Osborne have tried to fool the public using scare stories from cronies or subordinates. Their main economic case relies on these people and their views are not independent or believable."</p><p><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/57679a76dd0895b0568b48eb-2000/beer mat1.jpg" alt="beer mat1" data-mce-source="JD Wetherspoon" /><p class="source"><span>JD Wetherspoon</span></p><p class="caption"> The new Wetherspoon's beer mats, front and back. </p></div><p></p></div></div>All of the bodies named in Wetherspoon's message have warned of the negative effects of a so-called Brexit - Britain's exit from the EU.</p><p>The IMF has said it could cause <a href="http://uk.businessinsider.com/international-monetary-fund-on-brexit-and-the-global-economy-2016-4">"severe regional and global damage"</a>; the OECD estimates <a href="http://uk.businessinsider.com/brexit-destroy-uk-economy-hurt-world-oecd-2016-6">Britain's GDP would be 5% lower than it would be otherwise by 2030</a> if we opt to leave; the Treasury believes the <a href="http://uk.businessinsider.com/eu-referendum-macquarie-chart-shows-all-economic-forecasts-for-a-brexit-2016-6">GDP damage could be as bad as 7.5%</a>; and the Bank of England Governor Mark Carney has warned <a href="http://uk.businessinsider.com/bank-of-england-meeting-inflation-report-may-2016-5">a Brexit could tip the UK into recession.</a></p><p><a href="http://uk.businessinsider.com/jd-wetherspoon-interview-tim-martin-eu-referendum-democracy-brexit-imf-bee-mats-2016-6">Tim Martin is a vocal opponent of the EU</a> and it is the second time JD Wetherspoon has used beer mats to try and sway the vote in favour of "Leave." Last month the pub chain <a href="http://uk.businessinsider.com/eu-referendum-jd-wetherspoon-prints-anti-eu-beer-mats-attacking-imf-2016-5">printed 200,000 mats for its pubs attacking IMF chief Christine Lagarde</a> and urging drinkers to vote out of the European Union.</p><p>In an interview with Business Insider at the beginning of June, <a href="http://uk.businessinsider.com/jd-wetherspoon-interview-tim-martin-eu-referendum-democracy-brexit-imf-bee-mats-2016-6">Martin told us that his opposition to the EU is because it is undemocratic</a>.</p><p>With just days until the referendum on June 23, the polls appear to be moving in favour of the Remain camp. A poll for the Mail on Sunday by Survation gave the <a href="http://uk.businessinsider.com/r-uks-in-camp-takes-3-point-lead-after-lawmaker-killed-poll-2016-6">In campaign 45% of the vote against 42% for Out.</a> A separate poll for the Sunday Times by YouGov had Remain at <a href="http://www.thetimes.co.uk/past-six-days/2016-06-19/news/no-turning-back-warns-cameron-pptvdnvxj">44% to Leave's 43%</a>, and an <a href="http://www.theguardian.com/politics/2016/jun/18/eu-referendum-britain-voting-campaign-jo-cox">Opinium poll for the Observer put the two sides neck and neck at 44%.</a></p><p>The results are a stark contrast to multiple polls last week that <a href="http://uk.businessinsider.com/ipsos-mori-leave-takes-6-point-lead-eu-referendum-2016-6">gave the Leave camp as much as a 6 point lead</a>, leading to fears that Britain was hurtling towards a "Brexit" - a British exit from the European Union.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/hugh-hefner-son-cooper-playboy-mansion-sale-2016-6">Hugh Hefner's son reacts to the sale of the Playboy Mansion</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="A3aWwwNDE6JhQ99gtsV_5KWDFsTjBJld" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'A3aWwwNDE6JhQ99gtsV_5KWDFsTjBJld',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

PICTURES: JD Wetherspoon is printing 500,000 new anti-EU beer mats, this time attacking George Osborne

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/56c43a84dd0895e4528b457e-1531-1148/iranlaugh1.jpg" alt="iranlaugh1" data-mce-source="Reuters" data-mce-caption="Foreign Minister of Iran Mohammad Javad Zarif laughs during a family photo session." /><p class="source"><span>Reuters</span></p><p class="caption">Foreign Minister of Iran Mohammad Javad Zarif laughs during a family photo session.</p></div><p></p></div></div>Oil <a href="http://uk.businessinsider.com/saudis-oil-production-freeze-and-oil-price-impact-2016-2">prices are tumbling</a> because the agreement between <span>Saudi Arabia, Russia, Qatar, and Venezuela</span> <a href="http://uk.businessinsider.com/the-saudi-and-russian-oil-ministers-are-meeting-and-crude-oil-is-ripping-higher-2016-2">to freeze oil production at</a><span> </span><span>January levels was a damp squib.</span></p><p><span>Basically, the markets would be happier if Saudi Arabia promised to cut - not freeze - production and if Iran and Iraq joined the countries in pledging to put their output levels on ice. </span></p><p><span>However, it looks like that won't happen anytime soon for Iran judging by some comments he reportedly made to the Iranian daily newspaper Shargh. </span></p><p>"Asking Iran to freeze its oil production level is illogical … when Iran was under sanctions, some countries raised their output and they caused the drop in oil prices," said Iran's <span class="caps">OPEC</span> envoy, Mehdi Asali, in the Shargh, as cited by <a href="http://www.euronews.com/business-newswires/3152100-iran-says-urging-tehran-to-freeze-oil-output-raise-illogical-shargh-daily/">Reuters</a> and the <a href="http://www.bbc.co.uk/news/business-35593628">BBC</a>.</p><p>"How can they expect Iran to cooperate now and pay the price?"</p><p>In other words, <a href="http://uk.businessinsider.com/irans-100-billion-windfall-from-the-nuclear-deal-is-tied-up-2016-2">Iran has only just had its sanctions lifted</a> and is not looking at reducing the amount it can produce while it is trying to rebuild its battered economy with lucrative oil reserves. <span>Oil production constitutes 23% of Iran's wealth, according to <a href="http://www.tradingeconomics.com/iran/gdp">Trading Economics</a>.</span></p><p><span>Crude oil prices are currently at below $30 per barrel. This is a massive drop from from the triple-digit highs of the summer of 2014. And analysts believe that the deal between <span>Saudi Arabia, Russia, Qatar, and Venezuela is only really confirming prolonged pain.</span></span></p><p><span><span><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/56c43a84dd0895e4528b457f-533-400/crudeoil2.jpg" alt="crudeoil2" data-mce-source="Investing.com" /><p class="source"><span>Investing.com</span></p><p class="caption">Crude oil prices this morning.</p></div><p></p></div></div>In fact, <a href="https://www.iea.org/oilmarketreport/">the International Energy Agency</a> said in its latest oil market report that OPEC members</span></span><span> pumped out 280,000 more barrels every day in January than in December and have largely been </span><span>helped by Iran's reentry into the global markets after the lifting of sanctions that month. </span></p><p><span>Since then, <a href="http://uk.businessinsider.com/international-energy-agency-increases-oil-output-forecast-2016-2" target="_blank">Iran has increased production by 80,000 barrels a day to 2.99 million, the IEA says.</a></span></p><p><span>Julia Sturgeon and her team at Macquarie released a research note on Wednesday morning saying how integral Iran is to an oil price recovery:</span></p><p style="padding-left: 30px;"><span>The deal is contingent on a broader agreement among OPEC members, and we do not expect Iran to agree to the deal as it stands. In our view, there would need to be a concession for Iran to allow for some recovery towards production at pre-sanction levels. </span></p><p><span>On Tuesday, Capital Economics Middle East economist Jason Tuvey argued in a note to clients that an <span>"output freeze [is] not a game-changer for the Gulf economies," and that firstly, p</span></span>roduction from Russia, Qatar, and Venezuela wasn't expected to rise much anyway and <a href="http://uk.businessinsider.com/why-the-oil-production-freeze-might-not-be-a-game-changer-2016-2">Iraq and Iran are not mentioned in this agreement.</a></p><p><span><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/56c43a84dd0895e4528b4580-800-600/irans-rouhani-says-up-to-us-to-improve-relations-with-tehran.jpg" alt="Iran President Hassan Rouhani talks during a business forum in Rome, Italy, January 26, 2016.  REUTERS/Alessandro Bianchi" data-mce-source="Thomson Reuters" data-mce-caption="Iran President Hassan Rouhani talks during a business forum in Rome" /><p class="source"><span>Thomson Reuters</span></p><p class="caption">Iran President Hassan Rouhani talks during a business forum in Rome.</p></div><p></p></div></div>According to Barclays analysts <span>Miswin Mahesh and Kevin Norrish, </span></span><span><span>Iranian exports are already inching higher after the removal of sanctions (though exports are still below pre-sanction levels), and comments from Iran's vice president suggest that the country's exports have expanded to 1.3 million barrels a day and are expected to reach 1.5 million barrels a day around March 20.</span></span></p><p><span><span>Jonathan Aronson and his team at Credit Suisse also point out that "naysayers" see oil prices tumbing further because (emphasis ours):</span></span></p><p style="padding-left: 30px;"><span><span>In this view, a <strong>freeze of production is not a 'confidence builder'</strong> but an admission that despite the historic collapse of oil prices the sovereign producers cannot find enough common ground. For instance, <strong>Iran reiterated that it intends to grow its output back to pre-sanctions level. </strong></span></span></p><p><span><span>So really, Iran has regained a lot of its power in the world by being one of the linchpins of the oil industry that could make or break many companies and economies.</span></span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/cooper-hefner-playboy-conflict-mansion-2016-2">EXCLUSIVE: Hugh Hefner's son speaks out against Playboy's decisions to go non-nude and sell the Mansion</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="FmNHRzMDE6Z24vS9RKoKwhP0OmpyOD9O" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'FmNHRzMDE6Z24vS9RKoKwhP0OmpyOD9O',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

IRAN'S SANCTIONS REVENGE - It will not join the 'illogical' oil production freeze

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/55116cb8dd0895445c8b45cb-1200-924/eurozone-ecb-fireworks-euro.jpg" border="0" alt="eurozone ecb fireworks euro"><p class="source"><span>Reuters</span></p><p class="caption">Fireworks illuminate the sky around a huge euro sculpture, designed by [German artist Ottmar Hoerl], in front of the headquarters of the European Central Bank (ECB) in Frankfurt, January 1, 2002.</p></img></div><p></p></div></div><a href="https://www.youtube.com/watch?v=_fy-uhxiXcE">It's morning again, in Europe</a><span>.</span></p><p>The pace of the eurozone's sudden improvement across a bundle of economic indicators has shocked analysts since the turn of the year. </p><p>But there has been a rapid turnaround from gloom to boom in just a few months.</p><p>What's going on? <span>As recently as Autumn, everyone thought Europe was bogged down in a protracted perma-recession, characterised by deflation, lack of GDP growth and continent-wide political paralysis.</span> </p><p>Here's what's going on, and why.</p><h3>What's happening?</h3><p>Europe's economies are looking good in a number of ways:</p><ul><li><strong>Retail sales are surging. </strong>This is a consumer-driven recovery. German and Spanish retail sales helped <a href="http://uk.businessinsider.com/eurozone-retail-sales-march-2015-2015-3">drive the continent's spending up at the fastest pace in 10 years</a><span style="line-height: 1.5em;">.</span></li><li><span style="line-height: 1.5em;"> <strong>Consumer confidence is at an eight-year high.</strong> After a dip at the end of last year, when the possibility of a third recession was being raised, <a href="http://uk.businessinsider.com/eurozone-consumer-confidence-hits-highest-in-eight-years-2015-3">consumer confidence is now accelerating again</a>.</span></li><li><span style="line-height: 1.5em;"><strong>The private sector is reporting the best growth in four years. </strong><a href="http://uk.businessinsider.com/eurozone-march-pmi-day-flash-2015-3">That's particularly good news for employment</a>.<br /></span></li><li><strong>Money is flowing in to European funds at a record pace. </strong>This year has <a href="http://uk.businessinsider.com/european-fund-inflows-highest-on-record-2015-2">seen the biggest inflows into European funds ever recorded already</a>.</li></ul><p>All in all, it's extremely good news. The chart below shows a "surprise index" for the eurozone. It shows whether European economic data have been more or less positive than analysts projected. This year, they've been overwhelmingly better than pretty much anyone expected:</p><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Credit Suisse" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/54fd6313dd089517478b45f3-960/screen shot 2015-03-09 at 08.46.59.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span><img src="https://static-ssl.businessinsider.com/image/54fd6313dd089517478b45f3-1200-1200/screen shot 2015-03-09 at 08.46.59.png" border="0" alt="Credit Suisse euro surprise index" /></a><p class="source"><span>Credit Suisse</span></p></div><p></p></div></div></p><h3>But why? I thought Europe was a basket case.</h3><p>That's not untrue. The eurozone has had an infamously weak recovery, and two recessions, since 2008, all amid the chaos of whether Greece would exit (and take other countries in southern Europe with it).</p><p>But there are a few main factors that help explain why there's a recovery underway now:</p><ul><li><span style="line-height: 1.5em;"><strong>The credit cycle has been turning positive for some time now.</strong> This went under the radar for a lot of people. Since early 2013, the flows of credit to businesses - loans and other types of investment funding - actually turned positive at the start of this year. That has stopped being a drag on the economy and starting having an upwards impact.</span></li><li><span style="line-height: 1.5em;"><strong>The fall in oil prices has helped.</strong> Retail spending is climbing considerably, and that is due to oil prices, at least in part. When petrol prices fall, it frees money to spend on other things.<br /></span></li><li><span style="line-height: 1.5em;"><strong>The falling euro. </strong>The European Central Bank finally decided to do QE, and the programme they embarked on was about twice as large as analysts expected. That's helped to accelerate the drop in the euro, which in turn helps anyone exporting goods made in Europe to other countries. However, it's worth noting that a lot of things began improving <em>before </em>QE came in.<br /></span></li><li><span style="line-height: 1.5em;"><strong>There are some good signs for German wages. </strong>After decades in which wages have forcibly been held down by employers (with the co-operation of unions), <a href="http://uk.businessinsider.com/how-german-pay-rises-could-save-europe-2015-3">wages are now rising at the fastest pace in 20 years</a>.<br /></span></li></ul><p>Wages rising in the economically healthier countries is a particularly good sign for Europe - because countries where unemployment is high will be increasingly competitive on wages. What Europe really needs is a good burst of inflation in the core areas. It's unlikely to get that, but wage growth is the next best thing. </p><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Deutsche Bank" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5501821edd0895ec6a8b462f-960/screen shot 2015-03-12 at 11.51.17 am.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span><img src="https://static-ssl.businessinsider.com/image/5501821edd0895ec6a8b462f-1002-726/screen shot 2015-03-12 at 11.51.17 am.png" border="0" alt="Deutsche German wages" /></a><p class="source"><span>Deutsche Bank</span></p></div><p></p></div></div></p><h3>What could go wrong?</h3><p>Plenty.</p><p>Just because the eurozone is enjoying a bit of a cyclical upturn doesn't mean that it's a good idea in the long term. The political and economic tensions in Brussels and Frankfurt may yet ruin any growth spurt.</p><p>Some countries still aren't really included yet, either - Germany's growth has been surprisingly good and Spain has been seeing a decent, if not spectacular, recovery. Italy and Spain have been slower starters. </p><p>It's also worth noting that this is a change in <strong>direction, </strong>not levels - the eurozone recovery currently underway is interesting because it was expected, not because it is tremendously impressive. Unemployment in the currency union is still 11.2%, a full four percentage points above where it was in February 2008. </p><p>The eurozone's performance since 2008 has made even the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>, which has had its worst economic recovery on record, look impressive. But like the UK, there's a point at which people get <em>too </em>pessimistic in their expectations, and can't see a recovery coming. That recovery looks like it really is here this time for Europe.</p><p>The major thing still hanging over Europe is deflation - prices are still falling, and e<a href="http://uk.businessinsider.com/what-is-the-problem-with-deflation-2015-1">conomists have been rightfully concerned about what might happen if it becomes embedded</a>, as Japan's deflation has. But money supply is now growing at a solid pace in Europe:</p><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Oxford Economics" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/54de1ec5dd089567228b4620-960/screen shot 2015-02-13 at 1.36.36 pm.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span><img src="https://static-ssl.businessinsider.com/image/54de1ec5dd089567228b4620-1200-924/screen shot 2015-02-13 at 1.36.36 pm.png" border="0" alt="M3 eurozone" /></a><p class="source"><span>Oxford Economics</span></p></div><p></p></div></div></p><p>Here's Oxford Economics on that trend: "T<span style="line-height: 1.5em;">he stronger broad money growth - if it is maintained and even accelerated - implies that sustained deflation in the Eurozone (as opposed to a few months of negative inflation) is highly unlikely."</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/cooper-hefner-relationships-dad-hugh-playboy-2015-1">Hugh Hefner's Son Has A Surprising And Inspiring Attitude Toward Women</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="BmMzh3cjrW9Ou8EzED_1J8bz9F3L814q" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'BmMzh3cjrW9Ou8EzED_1J8bz9F3L814q',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

Europe is suddenly booming -&#160;this is why

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/574a8c6cdd089514318b4567-1733/2012movie1.jpg" alt="2012movie1" data-mce-source="2012 the Movie" /><p class="source"><span>2012 the Movie</span></p></div><p></p></div></div>Britain is getting exactly what it voted for when it pipped for a Brexit.</p><p>It is hurtling towards a recession and a fractured political landscape that seems irreparable at this point in time.</p><p>This is not fear mongering. The warnings were laid out over and over again across a seemingly endless raft of reports from the Treasury, bank analysts, and independent research firms and think tanks.</p><p>These were dubbed "Project Fear," the idea that doomladen forecasts would scare voters into submission to vote for the status quo.</p><p>And it is all coming true. Maybe people were "fed up of hearing from experts," as a Leave campaigner claimed. But wilful ignorance does not negate the fact that all the warning signs were there in big, blaring neon lights.</p><p>All those forecasts are happening and the worst is yet to come.</p><h2>Osborne's statement was anything but reassuring</h2><p>Britain's Chancellor George Osborne <a href="http://uk.businessinsider.com/eu-referendum-george-osborne-delivers-first-speech-treasury-article-50-markets-2016-6" target="_blank">finally made a speech to the public on Monday</a> after being notably absent since Britain voted to leave the European Union. He sought to try and reassure the markets after stocks, the pound, and various other asset classes crashed in the immediate aftermath of the referendum result:</p><p style="padding-left: 30px;">"I want to reassure the British people, and the global community, that Britain is ready to confront what the future holds for us from a position of strength. We have worked systematically through a plan that today means Britain has the strongest major advanced economy in the world."</p><p style="padding-left: 30px;"><span>"On Thursday, the people of the United Kingdom voted to leave the European Union. That is not the outcome that I wanted or that I threw everything into campaigning for. Now the people have spoken and we, in this democracy, must all accept that result and deliver on their instructions. I don't resile from any of the concerns I expressed during the campaign, but I fully accept the result of the referendum and will do everything I can to make it work for Britain."</span></p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/576100a2dd08951c388b487e-2400/pa-26106552.jpg" alt="Chancellor of the Exchequer George Osborne during his speech at the National Composites Centre at the Bristol and Bath Science Park in Bristol, England, where he warned that the UK would be permanently poorer outside the European Union ahead of the referendum on membership on June 23." data-mce-source="Matt Cardy / PA Wire/Press Association Images" data-mce-caption="Osborne says an emergency budget would be necessary under any government." data-link="https://www.paimages.co.uk/image-details/2.26106552" /><p class="source"><span><a href="https://www.paimages.co.uk/image-details/2.26106552">Matt Cardy / PA Wire/Press Association Images</a></span></p><p class="caption">Osborne says an emergency budget would be necessary under any government.</p></div><p></p></div></div></p><p>A week before the referendum took place, he said explicitly that Britain's Treasury would have to <span>draw up an emergency budget to plug a £30 billion budget "black hole" in case of a Brexit. That would be increases to income tax and cuts in spending.</span></p><p>And despite members of the Leave campaign filing his comments under "Project Fear" and members of the public saying that it was "typical" Conservative party policy to hurt the more vulnerable parts of society, independent research houses backed up the plausibility of his claims.</p><p><span>Carl Emmerson, Paul Johnson, Ian Mitchell, and David Phillips at the Institute of Fiscal Studies<span> </span>said in a report titled "</span><a href="http://www.ifs.org.uk/publications/8297">BrExit and the UK's public finances</a><span>" that <span>the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> economy would actually then shrink over the course of two years. so therefore, a Brexit would mean that Britain is </span></span>most likely increase borrowing by <a href="http://uk.businessinsider.com/ifs-brexit-report-economic-analysis-and-uk-economy-forecast-2016-5">between £20 and £40 billion in 2019-20.</a></p><p>If the economy tanks, tax rises and public spending cuts become the natural course of action as the country's fiscal position worsens.</p><p>The fact he said he not "resile"- which means to abandon a position - several times in his speech and in questions that followed his speech, indicates that these warnings from before may in fact come true.</p><h2>Prophecies are coming true</h2><p>What is also coming true is the fact that the markets are reacting exactly how the experts predicted they would.</p><p>Over the last few days, bank analysts and research firms have published countless notes on what to expect next. All the forecasts are dire and in line with what they said before the referendum. </p><p>Markets are in near-freefall. </p><p>Take a look at <a href="http://uk.businessinsider.com/european-stocks-on-monday-june-27-2016-6">European stocks falling off a cliff</a> since just before the referendum:</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/57713a57dd089585358b46b4-766/eurostoxxpostref1.jpg" alt="eurostoxxpostref1" data-mce-source="Google Finance" /><p class="source"><span>Google Finance</span></p></div><p></p></div></div></p><p>Banking stocks, such as <a href="http://uk.businessinsider.com/rbs-and-barclays-shares-halted-after-major-losses-2016-6">Royal Bank of Scotland and Barclays</a> are being annihilated. A<span>nalysts Chirantan Barua, Daniel Lasry, and Mark Burrows at research house <a href="http://uk.businessinsider.com/eu-referendum-bernstein-note-on-the-impact-of-brexit-on-uk-banks-2016-6">Bernstein predicted this would happen in the event of a Brexi</a>t.</span></p><p>Pretty much every analyst that released a report over the last year about a Brexit also predicted the massive slump in the pound. <span>Goldman analysts Silvia Ardagna, Robin Brooks, and Michael Cahill argue that a so-called "Lehman-type" scenario - where uncertainty in the markets increases as much as it did following the collapse of the investment bank Lehman Brothers in 2008 - <a href="http://uk.businessinsider.com/goldman-sachs-note-on-brexit-impact-on-sterling-2016-6">would cause a huge crash in the pound sending it down to levels not seen in decades</a>.</span></p><p><span>And they were right - alongside many other analysts, <a href="http://uk.businessinsider.com/brexit-could-be-worse-than-black-wednesday-2016-6">such as those at Credit Suisse</a>:</span></p><p><span><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/57713a57dd089585358b46b5-801/poundsbrexit1.jpg" alt="poundsbrexit1" data-mce-source="Investing.com" /><p class="source"><span>Investing.com</span></p></div><p></p></div></div></span></p><p>On top of that, experts and ratings agencies warned repeatedly about how Britain's economy was going to be so badly hit that it would threaten GDP growth and <a href="http://uk.businessinsider.com/sp-says-brexit-could-cost-uk-aaa-rating-2016-4">therefore would affect UK's triple A credit rating</a>. <a href="http://uk.businessinsider.com/r-moodys-cuts-outlook-on-uk-maintains-on-eu-after-brexit-2016-6" target="_blank">Moody's on Friday cut its outlook on the United Kingdom's long term debt to 'negative' from 'stable.'</a> <span>The lower the rating, the more expensive it is for the country to borrow money.</span></p><p>The <a href="http://uk.businessinsider.com/eu-referendum-government-report-brexit-will-hurt-household-income-trade-2016-4">UK Treasury</a><span>, the </span><a href="http://uk.businessinsider.com/international-monetary-fund-on-brexit-and-the-global-economy-2016-4">International Monetary Fund</a><span>, </span><a href="http://uk.businessinsider.com/brexit-destroy-uk-economy-hurt-world-oecd-2016-6">the Organisation for Economic Cooperation and Development</a><span>, several </span><a href="http://uk.businessinsider.com/eu-referendum-bernstein-note-on-the-impact-of-brexit-on-uk-banks-2016-6">independent research houses</a><span>, and </span><a href="http://uk.businessinsider.com/credit-suisse-heres-just-how-disastrous-a-brexit-could-be-for-the-uk-economy-2016-1">the banks</a> all warned us about this. So really, those who voted for a Brexit knew exactly what we were <a href="http://uk.businessinsider.com/analysts-brexit-recession-contagion-2016-6" target="_blank">getting ourselves into</a>.</p><h2>Britain's broken political landscape</h2><p>Predictions of political chaos sounded like hyperbole before the referendum but the aftermath of a Brexit vote has proven them correct.</p><p>Britain's political landscape is an utter farce right now.</p><p><a href="http://uk.businessinsider.com/cameron-to-resign-2016-6" target="_blank">Prime Minister David Cameron announced his resignation</a> in the morning that the referendum results were announced. While he will be PM until October this year, <a href="http://uk.businessinsider.com/eu-referendum-george-osborne-delivers-first-speech-treasury-article-50-markets-2016-6">Osborne confirmed on Monday that the government will not trigger Article 50 </a>- the formal notification to the EU that Britain is exiting the bloc and thereby triggering a 2-year exit negotiation period - until a new leader has been chosen. </p><p>On top of that, the Tory party is split in half right now and those on the Leave campaign side have been criticised for reneging on key campaign pledges, <a href="http://www.independent.co.uk/news/uk/politics/brexit-lave-campaign-broken-promises-mounting-live-updates-polls-7103076.html">like giving £350 million to the NHS from the lack of EU payments or curbing immigration</a>. </p><p>On Sunday, Boris Johnson, Brexit campaigner and favourite to become the country's next Prime Minister, <a href="http://uk.businessinsider.com/boris-johnson-addresses-the-nation-in-his-telegraph-column-2016-6" target="_blank">failed to give a concrete Brexit plan</a>. Instead he made a dubious claim that Britain will still enjoy trade conditions of the EU's Single Market.</p><p>Meanwhile, Britain's main opposition <a href="http://uk.businessinsider.com/corbyn-reshuffles-shadow-cabinet-after-mass-resignations-2016-6">Labour is a complete shambles.</a> There have been more than 30 resignations in the Labour party, from backbenchers to the front bench shadow cabinet.</p><p>Corbyn, <a href="http://www.express.co.uk/news/politics/661410/Jeremy-Corbyn-What-Say-EU-Past-Eurosceptic-Views-on-European-Union">who had for decades been actively been a Eurosceptic</a>, was in charge of getting Labour members to vote for Remain. But in the end, a bulk of Labour voters pipped for a Brexit:</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/576fb807dd0895014f8b4bcc-1973/lordashcroft1.jpg" alt="LORDASHCROFT1" data-mce-source="Lord Ashcroft Polls" /><p class="source"><span>Lord Ashcroft Polls</span></p></div><p></p></div></div></p><p>Since the final results showed that 51.9% voted to leave the EU versus 48.1% that voted for Britain to stay within the EU, some argue that the surprising amount of Labour voters opting for a Brexit tipped the Leave campaign over the edge. There were 17,410,742 votes for Leave and 16,141,241 votes for Remain. </p><p>Elsewhere, predictions of an uprising of right-wing political parties across Europe are gathering strength. </p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/57177db5dd0895b52d8b4b27-2400/marine.jpg" alt="Marine Le Pen" data-mce-source="REUTERS/Yves Herman" data-mce-caption="Marine Le Pen, French National Front (FN) political party leader and candidate for the National Front in the Nord-Pas-de-Calais-Picardie region, reacts after results in the second-round the regional elections are announced  in Henin-Beaumont, France, December 13, 2015." /><p class="source"><span>REUTERS/Yves Herman</span></p><p class="caption">Marine Le Pen.</p></div><p></p></div></div>In a note by Morgan Stanley a few days before the referendum, analysts predicted that a <a href="http://uk.businessinsider.com/morgan-stanley-eu-referendum-research-political-impacts-of-a-brexit-2016-6">Brexit could help trigger widespread and significant political change across Europe</a>. </p><p>Barclays also demonstrated in a note earlier this year <a href="http://uk.businessinsider.com/brexit-aftermath-european-countries-that-want-own-eu-and-independence-referendums-2016-6">that anti-EU feeling was rife amongst European countries, not just Britain.</a></p><p>And now we are seeing this prediction turning into reality.</p><p>France's Marine Le Pen, leader of the far-right National Front party, called the Brexit "victory" while the party's vice president, Florian Philippot, <a href="http://uk.businessinsider.com/brexit-vote-dutch-scotland-2016-6">called for a French referendum on leaving the EU</a>.</p><p><a href="http://uk.businessinsider.com/slovakian-far-right-party-launches-petition-for-referendum-on-eu-membership-2016-6">In Slovakia, the anti-immigration, anti-euro People's Party-Our Slovakia</a>, which takes over the European Union's rotating six-month presidency in July, launched a petition to get its own referendum on EU membership.</p><p>Meanwhile, other right-wing and anti-immigrant parties in the Netherlands, Denmark, and Sweden are all calling for the same thing.</p><p>So, this is what you voted for Britain. It was not speculation, nor fear-mongering. We were all given this in-depth analysis months, even a year, ahead of the vote and now it is all coming true.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/hugh-hefner-son-cooper-playboy-mansion-sale-2016-6">Hugh Hefner's son reacts to the sale of the Playboy Mansion</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="A3aWwwNDE6JhQ99gtsV_5KWDFsTjBJld" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'A3aWwwNDE6JhQ99gtsV_5KWDFsTjBJld',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

You Searched For "cooper hefner" and got 13 results

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You Searched For "cooper hefner" and got 13 results

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